Variety is reporting that one of the world’s most glamorous and famous film festivals will not be covered by insurance if it is cancelled due to the coronavirus. Shockingly, the film festival rejected an opportunity to purchase a buy-back option from its insurers (Circle Group) to cover cancellations due to a pandemic or epidemic, just ten days ago. France’s government has already passed a law forbidding the gathering of more than 1,000 people since the coronavirus outbreak. One of the most expensive film festivals in the world, the Cannes Film Festival typically draws a crowd of 40,000 people.
The film festival costs approximately $33 million and is paid for by French taxpayers and corporate sponsors. Although the public relations department of the Cannes Film Festival has refused comment about the matter, Pierre Lescure, president of the Cannes Film Festival, confirmed to French outlet Le Figaro that the festival is not insured for coronavirus. He added that the offer made by Circle Group ten days ago was “totally disproportionate,” which is why they declined the buy-back option.
Read more in Variety.